Pancontinental seeks new farm-in partner to fund Namibia Orange basin drilling
Pancontinental Energy NL is looking to secure an alternate farm-in partner to fund exploration drilling within the Petroleum Exploration License 87 (PEL 87) after notification from Woodside Energy (GOM) Inc. of its election not to exercise its farm-in option.
The operator received the notice before the long stop date of May 18, 2025, after which Woodside’s option was due to expire, said partner Sintana Energy Inc. in a release Mar. 17.
The license governs Blocks 2713A and 2713B in Namibia’s Orange basin, which is operated by Pancontinental Orange Pty Ltd., a subsidiary of Pancontinental Energy NL, who maintains a 75% interest in PEL 87.
Custos Investments (Pty) Ltd. holds a 15% interest, and the National Petroleum Corp. of Namibia (NAMCOR) holds 10%. Sintana holds a 49% indirect interest in Custos.
Woodside had funded a 6,593-sq km 3D seismic dataset that identified “significant prospectivity,” Sintana said in the release.
Subsequent interpretation and evaluation has returned an inventory of intra-Saturn leads and prospects which are estimated to be consistent in size and scale to discoveries made to date in the Orange basin, the company continued.
